FX:AUDUSD Australian Dollar/U.S. Dollar
AUDUSD is nearing the PRZ of a in a S/R zone that is confluent with the a setup. 200 EMA and may add resistance in this area. To add to bias, this pair has been in a strong downtrend and this would give us an opportunity to ride it down to the .886 fib if price should reach the PRZ. Entry is placed at the pattern completion point with a SL above 1.272XA/Moving averages and targets at .618CD, C point, and the .886 fib retracement level.
Hi Vincent. Actually, until price reaches the PRZ I am neutral on the pair. This idea is essentially saying that IF price should reach that level, there is a high probability of price reversing toward target. However, I don't have strong evidence to support a long position until then. Hope this helps.